Only1 review: redefining social media experience using NFTs

Only1 is a social media protocol that uses NFT built on Solana. Being a decentralized platform sets it apart from traditional centralized social media platforms such as Twitter, Facebook and Instagram.

In addition to being a decentralized platform, Only1 uses non-fungible tokens (NFTs) to allow content authors to interact directly with their fans without the need for a third party.

Before making a final decision, this review reviews how Only1 works, its key features, strengths and weaknesses. Read below for more information.

How to use

Only1 is a social media platform powered by Solana’s decentralized NFTs, so social media content creators create content, monetize it themselves without the need for third parties, and fans use NFTs for content. Provides a platform that allows you to interact directly with. ..

In Only1, social media content creators run the Know Your Customer (KYC) process. Then Genesis NFTs are created for them. This reflects their identity and can be associated with perks and rewards. Genesis NFTs can also be traded on the NFT Marketplace.

Genesis NFTs allow content creators to create Memberpass NFTs for their fans and instead receive a Only1 native token, $ LIKE. Fans can then trade Memberpass NFTs on the NFT Marketplace.

When an author creates a content NFT and a fan purchases an NFT using $ LIKE, some of the $ LIKE tokens used in the purchase will be burned and the supply will be reduced. $ LIKE is a native token on the Only1 platform and is the primary mode for paying for NFT transactions and rewarding both fans and content creators.

In addition, fans can bet $ LIKE tokens on the creator’s staking pool (representing the creator’s profile) and earn according to the pool’s APY. The higher the engagement, the more APY will change depending on the engagement of the creator. More APY.

Fans can also go ahead and buy Genesis NFTs from content creators. In such cases, both the Genesis NFT owner (the fan who just bought the Genesis NFT) and the creator will get a staking reward split from TotalValueLocked.

In addition to trading Genesis NFTs, Memberpass NFTs, and staking $ LIKE tokens, fans will also have the opportunity to invest in limited edition NFTs through the NFT Launchpad’s Initial NFT Offering (INO).

Only1 DAO

Only1 has a Decentralized Autonomous Organization (DAO), which is responsible for regulating community guidelines and platform development while balancing the security of the community on the platform with freedom of expression.

DAO makes Only1 fully decentralized. That is, no one or party can control the platform or its behavior. All members have an equal voice.

Only1’s strengths and weaknesses

Strong Points

1. Scalability Only 1 is very scalable for using Solana.
2. Transaction Cost Reduction In addition to scalability, Solana also keeps transaction gas charges low
3. Fair Creator Economy Only1 pays users (content creators and fans) instead of the traditional advertising platform payment channels. This means that content creators do not have to share the value created by their content with third parties.
4. Optimized for users Unlike traditional social media platforms, ads are optimized for users, not platforms.

Disadvantages

1. Currently, not many marketers (advertisers) are using Only1. Something due to the fact that the social media market is not fully prepared to accommodate the widespread adoption of decentralized applications.

Why should I use Only1?

On traditional social media platforms such as Twitter, Facebook, and Instagram, creators monetize their content primarily through third parties in the form of merchandising, screaming, advertising, and sponsorship. These methods work, but the revenue generated by content engagement is shared between the content creator and the third party.

In traditional social platforms, advertisers pay the social media platform to get the user’s attention, and the platform pays the content creator.

But with Only1, a decentralized social media platform, users can get direct rewards to get their attention.

In addition, content creators on traditional social media platforms face constant censorship and monetization pressure from third parties. This is not the case for Only1 as there are no third parties involved. Only one user and creator will earn tokens by participating in social activities on the platform and share the passive revenue generated from NFT transactions, as in the “Play-to-Earn” model.

Final verdict

NFTs have created a paradigm shift within the crypto industry, but more and more innovative products like Only 1 are emerging to solve the problem of centralization.

As a decentralized social media platform, Only1 stands out among social media platforms in that it is fair in rewarding content providers and fans. Only1 believes that the person responsible for user engagement should be the sole beneficiary of social media engagement. So if social media content creators want to increase their revenue stream and get bigger slices of pie, it’s a platform worth considering.